零售比特幣持有人正在出售 - 2020年重複？

零售比特幣持有人（均衡1 BTC）正在卸載其硬幣，以使人聯想到2020年後期投降階段。

Retail Bitcoin holders, defined as those with balances smaller than 1 BTC, are gradually selling off their coins, a pattern strikingly similar to the capitulation phase observed in late 2020.

零售比特幣持有者定義為餘額小於1 BTC的零售持有人，逐漸出售其硬幣，這一模式與2020年底觀察到的投降階段非常相似。

This activity, often fueled by fear, uncertainty, and doubt (FUD), usually prompts smaller investors to liquidate their positions, exiting the market.

這項活動通常是由於恐懼，不確定性和懷疑的推動力（FUD），通常會促使較小的投資者清算其頭寸，從而退出市場。

Despite selling, these retail investors currently hold around 1.75 million BTC, a figure 35% larger than the total held during the 2020 sell-off. This disparity highlights a key point—despite the liquidation trends, overall retail accumulation has increased substantially over the past few years.

儘管出售，這些零售投資者目前持有約175萬BTC，圖比2020年售罄期間持有的總數大35％。這種差異突出了一個關鍵點 - 儘管清算趨勢，但在過去幾年中，總體零售積累卻大大增加。

While retail capitulation is frequently observed at market bottoms, with weaker hands selling before stronger hands begin accumulating, it could also be a byproduct of persistent macroeconomic conditions and regulatory uncertainty, potentially pushing Bitcoin prices further down in the short term.

儘管在市場底部經常觀察到零售投降，但在強大的手開始積累之前，銷售較弱，這也可能是持續的宏觀經濟狀況和監管不確定性的副產品，在短期內可能會進一步下跌。

As the cryptocurrency market continues to evolve, investors will be closely monitoring the activity of whales and institutional investors. A shift towards accumulation by these major players could indicate confidence in Bitcoin’s long-term potential.

隨著加密貨幣市場的不斷發展，投資者將密切監視鯨魚和機構投資者的活動。這些主要參與者向積累的轉變可能表明對比特幣的長期潛力有信心。

Furthermore, shifts in macroeconomic factors, such as interest rates and inflation data, are likely to exert a significant influence on market sentiment, ultimately determining the fate of this unfolding chapter in the Bitcoin saga.

此外，宏觀經濟因素的轉變（例如利率和通貨膨脹數據）可能會對市場情緒產生重大影響，最終確定了比特幣傳奇中這種不斷發展的章節的命運。